CBI sells +$277 million in forex on Wednesday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned over $277 million on Wednesday, with remittances outweighing cash sales by a huge margin.

According to a CBI report, the Bank sold $277,778,717 during today's auction. It covered these transactions at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements of electronic cards, as well as for foreign transfers, while the rate stood at 1,305 dinars per dollar for cash transactions.

The report detailed that most of the sales ($255,828,717) went to feed foreign balances in the form of transfers and credit transactions. The remaining $21,950,000 were allocated for cash deals.

Cash deals were made by four banks made cash deals, while requests relevant to external balances were met by 15 banks. A total of 76 exchange and brokerage companies took part in the auction.